Blog Post

How do you know if you are paying a fair value in rent in Long Beach?

Dustin Edwards • Mar 19, 2021

Or if you are a property owner are you getting fair market value for your property?

Market Rent
In the world of real estate there are many checks and balances to determine proper pricing. With the process of buying or selling a property there are sources to evaluate where you can see what has sold in the area with similar configurations (i.e. similar square footage, number of bedrooms, number of bathrooms, etc.). As sales are recorded on title, largely due to loans needing to secure their positions, then it is easy to see how there is plenty of data to determine a property value when it comes to buying and selling.

When it comes to understanding rental amounts the data isn’t as easily accessible. Leases aren’t recorded on title which makes it challenging for both property owners and prospective renters to understand where the apex of underpriced, fair, or even overpriced exists. Don’t worry though there are ways to understand the right price to help you understand the right value in any market.

For Prospective Tenants

When you are a prospective renter it can be challenging to compare rental amounts, especially in markets where there can be 10, 20 or even more applications for a single property. Even if there are many applications and you really want to live in the property it is important to understand the value; just to make sure you understand why there are so many applications.  

There is a publicly available site, Rentometer, where you can enter the fundamentals of a rental listing (rental amount, number of bedrooms, and number of bathrooms) and you see if the rent is at or below the average, median, etc. Take for example the following screenshot of a rental listing using the Rentometer website.

The above example is a property that we have marketed through Beach Cities. In this particular case the Rentometer site shows that we are marketing the property at the median ($2,895) which is a great spot to be in for both the property owner and the prospective tenant.

For Rental Property Owners

If you are an owner of a rental property in Long Beach or the surrounding cities then you could certainly use the Rentometer site as well; however, you can get even more detailed information. As a property management company we not only have a portfolio of more than 800 local properties we manage, we also have an innovative property management platform that allows us to research the rental market by address to help our property owners understand how they can maximize the rental amount.  

When we evaluate a rental property for an owner we can dive into additional details such as features of the home (pool, outdoor area, etc.) as well as locality specific items such as exact location (busy street vs. interior street) to help our property owners understand how long they can expect their property to take to get rented as well as the amount they should expect each month in rent.

If you’d like guidance on if a rental property is fairly priced we invite you to call us today at (562) 888-0247 as we’d be happy to help. When you want a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis where we perform a comprehensive comparison to share your rental stacks up to the competition.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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